UPS achieves record profits and revenues
UPS achieves record profits and revenues
Read MoreTag: UPS
Strong volume growth propels UPS to record quarterly profit
Led by strong volume gains both in the United States and overseas and significant margin improvement within its international operation, UPS has reported a 19% jump in adjusted net income for the fourth quarter after excluding certain items that affect the year-ago comparison. The quarter’s performance capped a record year for volume. UPS delivered 3.44 billion packages in 2003, or an average 13.64 million per day.
Read MoreUPS Q4 sales rise but net earnings fall
UPS has said that fourth-quarter sales improved from last year as the recovering economy led to greater demand for the shipping giant’s services.
Shares of UPS closed up 7 cents at USD72.51.
Fourth-quarter earnings totaled USD856 million, or 75 cents per share, down from its year-ago profit of USD1.5 billion, or USD1.32 per share. The year-ago fourth quarter included a net gain of USD832 million as a favorable settlement with the IRS offset a restructuring charge. Excluding items, UPS earned USD670 million, or 59 cents per share, in last year’s equivalent period.
UPS to buy out remaining stake of its Japanese joint venture partner
UPS’s plan to buy Yamato Transport out of their Japanese joint venture will help the US firm secure a leading position in Japan’s express sector. It will offer the company a competitive advantage over its global rivals in a market that has been traditionally difficult for foreign express carriers to penetrate.
Read MoreUS FedEx and UPS fight ruling on ownership of airline
FedEx and United Parcel Service are asking the Department of Transportation to reject a federal administrative law judge’s ruling that Astar Air Cargo is owned and controlled by an American citizen, not a German company. FedEx and U.P.S. made the request in a filing that served as a response to the Dec. 19 ruling. At issue is Astar’s ability to do business in the United States. FedEx and U.P.S. say the Miami-based Astar, which was called DHL Airways under former ownership, should be disqualified because of its ties to the German government.
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